Crude-oil futures erased earlier losses Friday, climbing to extend their weekly gains after the government reported a surprising improvement in the U.S. jobs market, raising hopes for an economic recovery and rising demand for oil.

  Treasury prices dropped on Friday, pushing 2-year yields up by the most since July, after the Labor Department said the economy lost 11,000 jobs in November, far less than economists predicted and feeding expectations that the U.S. economy is on the mend.

  European shares stage a sharp turnaround, with miners in the lead, after data paints a much better-than-expected picture of the U.S. economy.

  U.S. stock futures shot higher Friday after the government reported welcome news on the jobs front, with the unemployment rate dropping to 10% in November.

  The U.S. labor market improved markedly in November, with the unemployment rate falling back to 10% and job losses shrinking to the lowest level in nearly two years, the Labor Department reports.

  The dollar rose against the Japanese yen and its other major rivals on Friday after U.S. labor market data delivered a positive surprise, showing that the economy shed only 11,000 jobs last month.

  General Motors Co. will announce sweeping changes to its leadership early Friday that will include promotions for its younger managers to help revitalize the troubled automaker, according to a published report.

  U.K. stocks turned higher Friday, led by commodity producers after U.S. employment data pointed to recovery in the world’s largest economy.

  U.S. stock futures rallied on Friday after the Labor Department said nonfarm payrolls in November shrank by a far-less-than-forecast 11,000 with an unemployment rate of 10%.

  British government aid to banks totalls 850 billion pounds ($1.4 trillion), according to a report by the country’s National Audit Office released Friday.